Accumulate Cummins India; target of Rs 1069: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Cummins India

Cummins India (KKC) reported healthy set of quarterly performance, led by strong growth in both domestic (up 23% YoY) as well as exports market (up 18% YoY). We believe uncertainty in supply chain, semiconductor and electronic part shortage may impact the company’s performance in near term. However, continuous price hike in sync with commodity inflation and cost optimization measure will safeguard margin profile going forward. Sectors such as data center, healthcare, infrastructure, real estate, railways, metro, mining etc. to be key growth drivers. Though management remains confident on continued demand from various end industry, but has refrained itself from giving guidance for FY22 due to Covid-19 uncertainties (3rd wave).

Outlook

At CMP stock is trading at 27.5x/29.3x/27.2x FY22/23/24E. We roll over our estimates to FY24 with TP of Rs1,069 (earlier Rs1,051) valuing it at PE of 31x FY24E and maintain ‘Accumulate’ rating on stock.

More Info

At 17:30 Cummins India was quoting at Rs 953.05, up Rs 14.30, or 1.52 percent.

It has touched an intraday high of Rs 965.70 and an intraday low of Rs 920.00.

It was trading with volumes of 39,676 shares, compared to its thirty day average of 33,528 shares, an increase of 18.34 percent.

In the previous trading session, the share closed up 0.89 percent or Rs 8.30 at Rs 938.75.

The share touched its 52-week high Rs 1,065.00 and 52-week low Rs 720.85 on 07 September, 2021 and 24 February, 2021, respectively.

Currently, it is trading 10.28 percent below its 52-week high and 32.55 percent above its 52-week low.

Market capitalisation stands at Rs 26,418.55 crore.

For all recommendations report, click here

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